Morningstar
•
Feb 22, 2025
Freeport-McMoRan Inc.: Freeport-McMoRan Earnings: Elevated Copper and Gold Prices Drive a Solid Result
Symbols
FCXSector(s)
Basic Materials
Rating
Current Price
36.78
Fair Value
Economic Moat
Stewardship
Summary
Freeport-McMoRan owns stakes in 10 copper mines, led by its 49% ownership of the Grasberg copper and gold operations in Indonesia, 55% of the Cerro Verde mine in Peru, and 72% of Morenci in Arizona. It sold around 1.2 million metric tons of copper (its share) in 2024, making it the one of the world’s largest copper miners by volume. It also sold about 900,000 ounces of gold, mostly from Grasberg, and 70 million pounds of molybdenum. It had about 25 years of copper reserves at end December 2024. We exp
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